412(i) Defined Benefit Pension Plan : The Hottest, True Leverage Pension Plan of the Times

Topics:
Accounting software
Tags:
412(i) Plan,
Payroll Solutions,
Insurance,
Human Resources,
Financial Services,
Financial Service,
Financial Planning,
Finance,
Employee,
Corporate Insurance,
...
Source:
Financial Service online

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Overview: Due to improvements in Pension Law all of the benefits of the old Defined Benefit Pension Plan are changed as per the new law of 412(i) Pension Plan, making it perhaps the hottest vehicle for meeting retirement needs, while doing so on a highly cost effective & tax preferential basis. With a 412(i) Plan it eliminate investment risk along with the write off of losses in exchange for minimum guarantees. 412(i) Plans can only be funded with qualified Whole Life Insurance and/or split between Life Insurance & a Fixed Annuity contract (used to either add diversification and/or when more insurance is needed, but one might not qualify due to a negative health condition or history). The 412(i) Plan is not, therefore, an "employee benefit plan", but rather an owner/key employee "take control & biased planî. A 412(i) Plan, while admittedly largely benefiting owner/key employees, can also benefit rank and file employees if they too stay loyal, long term committed company contributors.

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Format: HTML | Date: Jan 2003 | Pages: 1

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